A bill to amend the Elementary and Secondary Education Act of 1965 to provide emergency financial assistance to local education agencies in order to maintain essential elementary and secondary education services at a quality level.

Adds to the Elementary and Secondary Education Act of 1965 "Title X-Emergency Education Revenue Act". Authorizes the appropriation of such sums as may be necessary to carry out this Act in fiscal years 1977 and 1978.

Authorizes the Secretary of Health, Education, and Welfare to make grants to a local education agency which demonstrates that: (1) for bona fide budgetary reasons it has been forced to reduce the expenditure of funds for essential elementary and secondary education services, making it impossible to maintain such services at a quality level; and (2) that it or the local government unit responsible for providing its revenues has made bona fide efforts to raise the revenue necessary to support essential elementary and secondary educational services and maintain quality education. Requires the Secretary in making such grants to give priority to those school districts with the greatest number of students.

Makes financial assistance under this Act available for essential elementary and secondary educational services, programs, and projects of the local education agency which had been funded by such agency previously and which the Secretary determines are essential for providing quality elementary and secondary educational services.

Requires any local educational agency desiring to receive assistance under this Act to submit to the Secretary an application in such form and containing such information as the Secretary shall require by regulation. Permits the Secretary to approve such application only if assurances are given that the State shall not reduce the amount of State aid with respect to the provision of free public education in any school district of any local education agency because of assistance given under this Act.